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China’s banking and insurance coverage regulator stated Thursday that it had accredited an software by Ant Group Co. to arrange a consumer-finance firm, the primary milestone within the financial-technology large’s restructuring.
Ant will maintain a 50% stake within the new entity, registered within the southwestern municipality of Chongqing, with the remaining held by six different shareholders. The corporate, Chongqing Ant Client Finance Co., is licensed to conduct shopper lending and different operations. It’ll maintain Ant credit score providers Huabei and Jiebei, which have been utilized by nearly half a billion folks in China.
Ant, a mobile-payments firm managed by billionaire